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iiNet completes TransACT purchase, announces Business Cloud
Brenton Currie
Thursday, 01 December 2011 08:31
iiNet has this afternoon confirmed its acquisition of regional Victorian and ACT Internet Service Provider (ISP) TransACT is now complete.
iiNet acquires TransACT (Credit: TransACT)
The acquisition, announced last week and funded through existing cash and debt facilities, is now completed according to iiNet.
In a statement issued by the company, iiNet CEO Michael Malone said the transaction has been 'well received' by staff and customers alike, and will provide a strategic boost for the company.
'Thanks to the support of TransACT's management and directors, the transaction has been well received by TransACT staff and customers,' Malone said.
'iiNet's acquisition of TransACT represents an attractive strategic opportunity to build scale in the ACT market quickly and efficiently.'
The TransACT network covers both Fibre and Copper, offering ADSL Over the Air, FTTP (fibre to the premises) and a hybrid VDSL service.
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